CoinTracking Review: Crypto Tool To Track Your Portfolio

CoinTracking Review: Crypto Tool To Track Your Portfolio

The post CoinTracking Review: Crypto Tool To Track Your Portfolio appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

CoinTracking is the pioneer in managing crypto portfolios based in Munich, Germany with the experience of over 9 years. The platform acts as a portfolio manager to manage all trades and transactions of digital currencies. In detailed reports, one gets an overview of the transactions with current and historical values of profits and losses (realized/unrealized), prices, volumes, and much more. Furthermore, CoinTracking offers an automatic function to generate tax & capital gains reports for the annual tax return, among others, according to the standards and regulations of several countries.

With more than 15,000 coins & assets to manage through CoinTracking, one gets a platform to track all transactions across multiple exchanges and wallets and fulfill their tax obligations with automated and simple methods.

Trades can be imported or entered either fully automatically via APIs, manually via CSV, or individually. Due to a large number of available transaction types, CoinTracking covers not only simple trades like buy/sell but also many other aspects like mining, staking, airdrops, futures, interest, margin trading, etc. – of the constantly growing crypto world – are covered. 

Services at a Glance

1. Import of transactions from 130+ exchanges and wallets.
2. Automatic import via API’s as well as directly from various blockchains.
3. Manual import via CSVs
4. 25+ customizable crypto reports.
5. Interactive charts on trades and coins.
6. Profit & loss audit reports
7. Report for realized and unrealized gains
8. Short/long reports for sale of tax-exempt or tax-deferred coins
9. Export of all reports to Excel, PDF, CSV, XML/JSON.
10. 12 tax methods available, e.g. FIFO, LIFO, AVCO, etc.
11. Tax & capital gains reports for 100+ countries.
12. Reports for tax advisor & tax office
13. Tax advisor access
14. Audits by full-service provider for tax recording & declaration.
15. Professional 24/7h support through all channels.

Advantages

As a global player, CoinTracking has been providing support in tracking and managing crypto portfolios in over 100 countries since 2012. With more than 1 million users, CoinTracking is the global market leader and works with most tax advisors. More than 25,000 (small) businesses have a CoinTracking account, as well as 2,000 corporate clients such as tax firms, fund managers, and trading firms managing thousands of sub-accounts for clients and customers.

In the last 9 years, over 130 exchanges and wallets have been connected to the platform and the number continues to grow. In addition, clients can also use Blockchain Import to import individual currencies via the blockchain. For the few remaining cases, the Custom CSV or Excel Import can be used so that all possible cryptocurrencies and transactions can be mapped.

Those who need more help can book our full-service, where we do everything for our customers to save them time and nerves. In this all-in-one solution, users receive professional assistance which they need to manage their account and to file their cryptocurrency taxes with confidence. Our team consists of CoinTracking experts and qualified tax consultants, to ensure that all data is complete and the cryptocurrency tax reports are accurate. We can help handle complicated crypto transactions, assist with full imports, answer crypto tax questions, and more. The user decides which work should be done.

Disadvantages 

Due to the enormous diversity and constant growth of the crypto world, the challenge arises to unify them in one platform while avoiding errors for transparent tax reporting. This is exactly where clients need to be diligent about the setups and maintenance at CoinTracking. For example, those who trade on multiple exchanges but do not import transactions from one exchange will receive incomplete reports. For entries that are done manually, inputs & outputs must be maintained according to the double-entry principle.

To cope with this sometimes more complex setup, CoinTracking offers fast and free assistance through its support and guides customers through all the necessary steps. In addition, automatic features and checks, such as the Live API Check, can be used to detect and correct missing or incorrect imports. Due to the variety of functionalities, CoinTracking is mainly aimed at advanced and professional traders as well as companies. Of course, CoinTracking can also be used by beginners, who can use the software completely free of charge for up to 200 transactions.

User-friendliness 

The platform has evolved over the years and constant customer feedback into user-friendly software. On every page and for every feature, the customer receives instructions and explanations. In addition, the detailed FAQ and support (24/7) can be used.

In some areas, users get the possibility to switch between a compact and detailed view. Moreover, one can use filters on all reports to get exactly the data one needs. The mobile app is another way to view data quickly and clearly.

Fees 

CoinTracking offers four different packages. For beginners and those who want to test, the Free Account can be used completely free of charge with up to 200 transactions. With a trade volume of more than 200 transactions and the desire of automatic API connections, users can choose the Pro/Expert or Unlimited variant. The prices for the paid packages start at $10.99 and end with the Unlimited variant at $54.99 per month.

A significant reduction of the package prices can be obtained by taking out a 2-year package (from $8.49 per month). In addition, only CoinTracking offers the possibility to purchase a lifetime license with a one-time payment in order to be able to use the account permanently. For corporate customers, such as tax firms, trading companies, funds managers, etc., CoinTracking offers an account-based pricing model, i.e. unlimited sub-accounts can be created, which become cheaper as the number increases.

At cointracking users can view a detailed list of trading limits, advanced features, and more. 

Support 

CoinTracking attaches great importance to support and relies on professional support agents worldwide to offer 24/7 availability. Support tickets are usually answered within 4 hours. Currently, requests can be handled in German and English. However, the team is constantly growing and more languages will follow. 

In addition to the support, the documentation and the FAQs are important sources of information for arising questions and problems. Recently, CoinTracking has started offering video tutorials that explain reports and help with problem-solving. The FAQs are constantly being developed and include all previously addressed support tickets, so the community can directly participate in the knowledge transfer. 

Payment methods 

In addition to the usual payment methods such as credit card, PayPal, and bank transfer, CoinTracking also offers payment in Bitcoin and in over 50 Altcoins, which are processed through payment services such as crpyto.com and coinpayments. For bitcoin payment, customers receive a 5% discount. 

Product Offer 

The CoinTracking platform offers its products/services to individuals and companies, such as tax advisors, tax lawyers, investment companies, and trading firms. They can manage multiple clients, employees, and team members. 

The CoinTracking portfolio includes importing transactions (automatically or manually), creating customized reports and dashboards, linking multiple accounts, manually generating backups, mobile apps, generating tax & capital gains reports, accessing prices on more than 15,000 coins and assets, and much more. 

Security 

In addition to the standard security measures, such as an encryption of the data as well as two-factor authentication, CoinTracking has the advantage that it can be used completely anonymously. No personal data is required when registering and using the platform. If desired, registration can even be done without providing an email address. In this case, however, CoinTracking cannot reset passwords should the user forget them. 

All API keys are encrypted and allow read-only access. This means that only data from the exchanges can be read, but never traded or paid out. 

Every user can create free backups of their CoinTracking data and restore them at any time if needed….